The Thai Securities and Exchange Commission (SEC) has proposed limiting stablecoin transfers to five million baht, approximately $151,000, per client and operator per day. The new regulation, published on September 11, aims to combat money laundering and cybercrime and is set to take effect 60 days after the end of the consultation period, which will last until September 25. Thus, the restriction will apply to both incoming and outgoing transfers.
According to the proposal, all deposits and withdrawals will be limited to accounts or wallets verified as belonging to the client. However, transfers between compliant Thai operators will not be subject to the five million baht limit if both comply with the "Travel Rule," meaning client information must be shared between operators. Businesses, authorized institutions, and relevant market makers will also receive exemptions under the new scheme. Licensed digital operators will be able to accept stablecoin deposits only from client accounts and withdraw only to the same accounts. The laws also cover transfers related to foreign operators and private wallets, which will help minimize money laundering risks.
Operators will be required to perform ownership checks and comply with the "Travel Rule" requirements to prevent attempts to circumvent control over international transfers. Additionally, the restrictions will not apply to transfers between accounts of operators under control, provided they take appropriate actions to identify clients. It is important to note that transactions not matching client information or exceeding transfer limits may be rejected. The proposal also includes a requirement to provide data on the origin of assets and regular monitoring of participant activities to maintain transparency and compliance with financial requirements.
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